Summary
Quest Diagnostics Incorporated (DGX) filed an 8-K on July 20, 2011, reporting on its financial condition and operations for the quarter ended June 30, 2011. The filing includes a press release detailing these results, which are incorporated by reference. Investors should note that this report also discloses the adoption of a restructuring plan on July 14, 2011, expected to be completed in the third quarter of 2011. The restructuring plan involves a one-time pre-tax charge of approximately $20 million ($12 million after-tax) primarily related to workforce reduction, including severance and benefits. This charge is anticipated to result in future cash expenditures, impacting the company's near-term financial performance and cash flow. The CFO, Robert A. Hagemann, signed the report.
Key Highlights
- 1Quest Diagnostics announced its financial results for the quarter ended June 30, 2011, via a press release filed as an exhibit.
- 2The company adopted a restructuring plan on July 14, 2011, with completion expected in Q3 2011.
- 3A one-time pre-tax charge of approximately $20 million is expected in Q3 2011 due to this restructuring.
- 4The charge is primarily for workforce reduction, including severance and benefits.
- 5The after-tax impact of the restructuring charge is estimated to be $12 million.
- 6The full amount of the restructuring charge is expected to result in future cash expenditures.
- 7The report was signed by Robert A. Hagemann, Senior Vice President and Chief Financial Officer.